ART Advanced Research secures C$5.85 million from private placement

By Sheri Kasprzak

New York, Sept. 22 - ART Advanced Research Technologies Inc. has entered into an agreement for a C$5.85 million private placement with Matco Capital Ltd. as part of a reorganization and recapitalization.

As part of the reorganization, ART will transfer its assets, including the C$5.85 million from the private placement, into a newly incorporated company, but it will continue to operate as a molecular imaging products company.

The full terms of the placement could not be determined by press time Friday.

The newly incorporated company is expected to conduct another equity financing for up to C$1.5 million.

Montreal-based ART provides medical imaging products for the health care and pharmaceutical industries.

On Friday, the company's stock gained a penny to end at C$0.45 (Toronto: ARA).

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